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Small-business borrowing rose in May, the second consecutive month of increase, according to the Thomson Reuters/PayNet Small Business Lending Index. Compared with May 2012, the index climbed 9%. "Small businesses are avoiding stall, and it means that there's a slow expansion that's in place," PayNet President William Phelan said.

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Small-business borrowing slipped in December after an increase earlier in the year, according to the Thomson Reuters/PayNet Small Business Lending Index. The decline could be a harbinger of weaker economic growth in the near term.

Small-business borrowing ticked up 16% in September from a year earlier, finds the Thomson Reuters/PayNet Small Business Lending Index. "We're back to consistent growth," said PayNet founder Bill Phelan. "Boring is beautiful here."

The Thomson Reuters/PayNet Small Business Lending Index dropped to 101.3 in February, from January's downwardly revised 111.7. The decline suggests small businesses are reducing borrowing and that growth will slow in coming months.

Small-business borrowing increased slightly in November, according to the Thomson Reuters/PayNet Small Business Lending Index. "Small businesses are on hold until they get some better stability from policymakers and greater clarity on the direction of the economy," PayNet co-founder and President William Phelan said.

The Thomson Reuters/PayNet Small Business Lending Index reached 108.4 in May, the highest level this year. Compared with May 2011, borrowing increased 18%. PayNet co-founder and President William Phelan cited low interest rates and stronger balance sheets. The April index was revised upward, to 98.6.